1 00:00:00,200 --> 00:00:02,040 Speaker 1: There was some new research that came out. It was 2 00:00:02,080 --> 00:00:06,080 Speaker 1: done by the Tax Foundation, and they said that the 3 00:00:06,120 --> 00:00:09,600 Speaker 1: tariffs have cost the average American household about one thousand 4 00:00:09,640 --> 00:00:12,040 Speaker 1: dollars last year, and that figure could rise up to 5 00:00:12,160 --> 00:00:17,280 Speaker 1: thirteen hundred dollars this year if the tariffs stay in place. 6 00:00:17,400 --> 00:00:20,560 Speaker 1: The study calls the tariff policies the largest US tax 7 00:00:20,640 --> 00:00:27,120 Speaker 1: increase as a percent of GDP since nineteen ninety three. Yikes, 8 00:00:27,680 --> 00:00:31,800 Speaker 1: tariffs especially high on electronics and toys, cars and car parts, 9 00:00:31,920 --> 00:00:35,680 Speaker 1: and also some different food items like coffee and beef 10 00:00:35,720 --> 00:00:37,360 Speaker 1: and lettuce and juice. 11 00:00:37,440 --> 00:00:40,040 Speaker 2: Now I'm always skeptical about these things because, of course 12 00:00:40,040 --> 00:00:43,080 Speaker 2: this came out from a think tank called the Tax Foundation, 13 00:00:43,440 --> 00:00:46,360 Speaker 2: and every think tank in the world has an agenda. 14 00:00:46,520 --> 00:00:48,559 Speaker 2: They've got an agenda they want to push, usually a 15 00:00:48,560 --> 00:00:51,760 Speaker 2: political agenda, and usually either from the left or from 16 00:00:51,840 --> 00:00:53,760 Speaker 2: the right. And so I always like to research this 17 00:00:53,840 --> 00:00:56,960 Speaker 2: because of anything critical of Donald Trump. Trump. If it 18 00:00:57,000 --> 00:00:59,560 Speaker 2: comes out from a think tank that's left leaning, well 19 00:00:59,560 --> 00:01:02,000 Speaker 2: they've got that left wing agenda to push. But here's 20 00:01:02,000 --> 00:01:04,880 Speaker 2: the interesting thing about all this. The Tax Foundation is 21 00:01:05,000 --> 00:01:10,199 Speaker 2: generally considered a center right and right leaning nonpartisan think tank. 22 00:01:10,280 --> 00:01:11,840 Speaker 1: Right they call themselves nonpartisan. 23 00:01:12,440 --> 00:01:14,880 Speaker 2: Well, but even though they do that, the analysis on 24 00:01:14,959 --> 00:01:17,319 Speaker 2: this group is that it is a right leaning think tank. 25 00:01:17,360 --> 00:01:19,760 Speaker 2: So it's interesting to see that. Now. I will say 26 00:01:19,800 --> 00:01:23,040 Speaker 2: this that in general, most people that are conservatives, especially 27 00:01:23,080 --> 00:01:27,080 Speaker 2: conservative economists, have been against tariffs this entire time, So 28 00:01:27,120 --> 00:01:30,240 Speaker 2: that fits with that narrative. But the other big part 29 00:01:30,280 --> 00:01:32,440 Speaker 2: of this too, and it makes me question all of this. 30 00:01:33,440 --> 00:01:35,920 Speaker 2: These economists and experts that have talked about how tariffs 31 00:01:35,920 --> 00:01:37,080 Speaker 2: are going to be the worst thing in the world, 32 00:01:37,160 --> 00:01:39,680 Speaker 2: and they're awful and terrible, and they're going to raise 33 00:01:39,720 --> 00:01:41,360 Speaker 2: prices for everybody, and it's going to be the worst 34 00:01:41,360 --> 00:01:44,720 Speaker 2: thing you've ever seen. Yeah, there's no proof that that 35 00:01:44,800 --> 00:01:47,160 Speaker 2: has happened, really, and we've got a little bit of 36 00:01:47,200 --> 00:01:50,120 Speaker 2: anecdotal evidence here. But the reason why I'm skeptical of 37 00:01:50,160 --> 00:01:52,680 Speaker 2: that sort of position is nobody has really tried to 38 00:01:52,720 --> 00:01:54,880 Speaker 2: do much with tariffs in over one hundred years, and 39 00:01:54,960 --> 00:01:58,480 Speaker 2: the global economy has changed much different dramatically in that 40 00:01:58,560 --> 00:02:00,560 Speaker 2: point of time. So you can't sit here and go 41 00:02:00,680 --> 00:02:03,800 Speaker 2: back to this. You know, early nineteen hundreds economic thinking 42 00:02:03,880 --> 00:02:07,240 Speaker 2: of tariffs are mad, They're terrible, and they're gonna cost everybody. 43 00:02:07,240 --> 00:02:09,800 Speaker 2: Monday money and it's gonna be this awful thing that happens. Well, 44 00:02:09,840 --> 00:02:12,160 Speaker 2: the things are different, don't We can't assay that we 45 00:02:12,240 --> 00:02:15,320 Speaker 2: don't know. So again, this is me giving Donald Trump 46 00:02:15,400 --> 00:02:18,000 Speaker 2: some grace on this topic to sit here and say, 47 00:02:18,240 --> 00:02:21,519 Speaker 2: what we've been doing up until this point not really 48 00:02:21,560 --> 00:02:23,799 Speaker 2: working all that well. So we want to just keep 49 00:02:23,800 --> 00:02:25,799 Speaker 2: doing what we've been doing, knowing it's not gonna work 50 00:02:25,840 --> 00:02:27,320 Speaker 2: all that well. Or do we want to give Donald 51 00:02:27,320 --> 00:02:30,760 Speaker 2: Trump a chance to try something different and see what happens. 52 00:02:30,760 --> 00:02:33,160 Speaker 2: And there was all this wailing and gnashing of teeth 53 00:02:33,200 --> 00:02:36,120 Speaker 2: in March and April when Donald Trump announced these tariffs 54 00:02:36,120 --> 00:02:40,000 Speaker 2: and experts standing on their high horse and their elitist institutions. 55 00:02:40,000 --> 00:02:42,359 Speaker 2: This is going to crush the American economy and we're 56 00:02:42,360 --> 00:02:46,399 Speaker 2: gonna see inflation that goes through the roof. Yeah, none 57 00:02:46,480 --> 00:02:49,600 Speaker 2: of that gloom and doom has really happened so far. 58 00:02:49,840 --> 00:02:52,160 Speaker 2: So I'm willing to give Donald Trump a little bit 59 00:02:52,200 --> 00:02:54,359 Speaker 2: more leeway on this and see if he can't use 60 00:02:54,400 --> 00:02:57,440 Speaker 2: these tariffs to actually change the way things are operating. 61 00:02:57,520 --> 00:03:00,000 Speaker 1: Right now, he was sitting down with Lara Kudlow from 62 00:03:00,080 --> 00:03:03,480 Speaker 1: Fox Business and they were talking about the high stakes 63 00:03:03,560 --> 00:03:07,240 Speaker 1: midterm elections coming up, and Donald Trump, of course saying 64 00:03:07,280 --> 00:03:09,720 Speaker 1: that we are the hottest country anywhere in the world. 65 00:03:10,000 --> 00:03:13,400 Speaker 3: Can you beat history on these midterm elections, carry the 66 00:03:13,400 --> 00:03:16,360 Speaker 3: House and the Senate for the GOP. Can you do it? 67 00:03:16,400 --> 00:03:19,560 Speaker 3: On the economy, do you need more communication, do you 68 00:03:19,600 --> 00:03:22,600 Speaker 3: need more marketing, do you need more help? I mean, 69 00:03:22,720 --> 00:03:25,560 Speaker 3: the numbers are on your side. The question is does 70 00:03:25,560 --> 00:03:26,920 Speaker 3: the public know this? 71 00:03:27,320 --> 00:03:27,639 Speaker 1: Well? 72 00:03:27,720 --> 00:03:29,520 Speaker 4: You know, we have a fake news that doesn't get 73 00:03:29,520 --> 00:03:31,400 Speaker 4: the word out. That's why I love doing an interview. 74 00:03:31,720 --> 00:03:35,360 Speaker 4: We get the word out. But so you ask a question. 75 00:03:36,720 --> 00:03:41,720 Speaker 4: In fifty years a president that won, even a popular president, 76 00:03:41,800 --> 00:03:44,480 Speaker 4: somebody has done well. I'm popular and I've done well. 77 00:03:44,480 --> 00:03:47,520 Speaker 4: I mean I think we have the greatest economy actually 78 00:03:47,800 --> 00:03:51,760 Speaker 4: ever in history. Now we have the hottest country anywhere 79 00:03:51,800 --> 00:03:54,000 Speaker 4: in the world. That's said by everybody. We have the 80 00:03:54,040 --> 00:03:57,080 Speaker 4: hottest country in the world. I guess I have to 81 00:03:57,120 --> 00:04:00,720 Speaker 4: sell that because we should win in the land and 82 00:04:00,760 --> 00:04:02,320 Speaker 4: we'll do everything we can to do it. 83 00:04:02,760 --> 00:04:06,080 Speaker 1: He does have to sell that, because when you're talking 84 00:04:06,080 --> 00:04:09,440 Speaker 1: about articles coming out saying that tariffs have cost the 85 00:04:09,480 --> 00:04:12,360 Speaker 1: average American one thousand dollars, and he's sitting there saying 86 00:04:12,520 --> 00:04:15,040 Speaker 1: we're the hottest country in the world. The message doesn't 87 00:04:15,080 --> 00:04:16,359 Speaker 1: match well. 88 00:04:16,760 --> 00:04:19,560 Speaker 2: And I hate comparing ourselves to the rest of the 89 00:04:19,560 --> 00:04:22,800 Speaker 2: world because nobody compares to the United States. Let's be honest, 90 00:04:22,800 --> 00:04:24,520 Speaker 2: we're the best and that's right, and I can sit 91 00:04:24,640 --> 00:04:27,360 Speaker 2: here you yes, hey, you, but it's true. I mean, 92 00:04:27,360 --> 00:04:29,720 Speaker 2: look at the economic conditions around the rest of the world. 93 00:04:29,839 --> 00:04:34,000 Speaker 2: Europe's a dumpster fire on every major metric that you 94 00:04:34,040 --> 00:04:36,160 Speaker 2: can look at when it relates to the economy, and 95 00:04:36,240 --> 00:04:38,680 Speaker 2: on a lot of other things, but specifically the economy. 96 00:04:38,880 --> 00:04:41,880 Speaker 2: Europe's not growing their manufacturing base, they're not growing their 97 00:04:41,920 --> 00:04:46,400 Speaker 2: industrial capacity. They have, you know, massive regulations that restrict innovation. 98 00:04:47,279 --> 00:04:49,280 Speaker 2: You know, all the major innovation in the world is 99 00:04:49,320 --> 00:04:51,640 Speaker 2: really coming out of the United States, and then to 100 00:04:51,680 --> 00:04:54,760 Speaker 2: a lesser degree in Asia. So Europe's not doing anything economically. 101 00:04:55,000 --> 00:04:57,520 Speaker 2: Asia is not really doing a whole lot economically. Japan 102 00:04:57,600 --> 00:04:59,680 Speaker 2: has finally started to see a little bit, but they've 103 00:04:59,680 --> 00:05:02,960 Speaker 2: been still agnated for thirty years. China has never recovered 104 00:05:02,960 --> 00:05:06,120 Speaker 2: from COVID, and they've always put out, for the most part, 105 00:05:06,240 --> 00:05:09,920 Speaker 2: some pretty phony economic numbers, and so those numbers are 106 00:05:10,000 --> 00:05:12,479 Speaker 2: have gone down. Even though they're phony, they're being reported 107 00:05:12,560 --> 00:05:14,760 Speaker 2: is lower, So China is really struggling. So in a 108 00:05:14,760 --> 00:05:16,840 Speaker 2: lot of ways, Donald Trump is right. I mean, as 109 00:05:16,839 --> 00:05:18,719 Speaker 2: far as the economy goes, when you compare to the 110 00:05:18,760 --> 00:05:21,720 Speaker 2: rest of the world, the United States is in much 111 00:05:21,760 --> 00:05:23,080 Speaker 2: better shape than everybody else. 112 00:05:23,279 --> 00:05:27,240 Speaker 1: So you've got Senator John Kennedy from Louisiana. He always 113 00:05:27,240 --> 00:05:29,880 Speaker 1: gives us good soundbites, but he actually says something that 114 00:05:29,920 --> 00:05:33,240 Speaker 1: I can agree with here that's not just words. 115 00:05:33,800 --> 00:05:37,840 Speaker 5: When moms and dads lie down to sleep at night 116 00:05:38,120 --> 00:05:46,000 Speaker 5: and can't they're not lying there worried about our thinking 117 00:05:46,040 --> 00:05:50,840 Speaker 5: about whether a man can breastfeed. They're worried about the 118 00:05:50,920 --> 00:05:57,039 Speaker 5: cost of living. They're worried about having to sew blood 119 00:05:57,080 --> 00:05:59,320 Speaker 5: plasma to go to the grocery store, and they're worried 120 00:05:59,320 --> 00:06:02,120 Speaker 5: about the cost of housing and the cost of insurance. 121 00:06:02,160 --> 00:06:05,040 Speaker 5: And I could go on and on. Now, the President 122 00:06:05,080 --> 00:06:07,760 Speaker 5: Trump and the Republicans in Congress, I think have done 123 00:06:07,800 --> 00:06:11,360 Speaker 5: a pretty good job of getting inflation down from nine 124 00:06:11,400 --> 00:06:15,159 Speaker 5: to percent to three percent, but we've got to do more. 125 00:06:15,760 --> 00:06:21,080 Speaker 5: And just telling the American people everything, swell, don't believe 126 00:06:21,240 --> 00:06:24,840 Speaker 5: your own lying checkbooks is not going to get it. 127 00:06:25,680 --> 00:06:27,560 Speaker 5: And what I would do if I were keen for 128 00:06:27,600 --> 00:06:30,560 Speaker 5: a day, I would in running the Senate, I'm not. 129 00:06:32,360 --> 00:06:32,760 Speaker 1: I would. 130 00:06:32,839 --> 00:06:36,840 Speaker 5: I would bring through reconciliation if we have to. Every 131 00:06:37,000 --> 00:06:40,240 Speaker 5: single bill I could think of to lower the cost 132 00:06:40,279 --> 00:06:42,839 Speaker 5: of living in America. There are things we could do 133 00:06:42,920 --> 00:06:45,920 Speaker 5: on housing, there are things we could do on regulation. 134 00:06:46,600 --> 00:06:49,839 Speaker 5: I know of over two hundred tax changes we could make, 135 00:06:50,440 --> 00:06:53,520 Speaker 5: stimulate the economy and increase people's wages. 136 00:06:54,120 --> 00:06:55,160 Speaker 3: And we're not doing that. 137 00:06:56,640 --> 00:06:59,160 Speaker 1: He said. The key word there, increase wages. 138 00:06:59,680 --> 00:07:02,720 Speaker 2: He did say that, and he also wants to overregulate. Well, 139 00:07:02,800 --> 00:07:04,839 Speaker 2: the other keyword he said there. The other key phrase 140 00:07:04,880 --> 00:07:07,920 Speaker 2: he said there immediately after that is we're not doing that. 141 00:07:08,240 --> 00:07:13,440 Speaker 2: And that's the big problem the Republicans as a national organization, 142 00:07:13,480 --> 00:07:15,440 Speaker 2: the Republicans is part of their charter. They said, we 143 00:07:15,480 --> 00:07:19,160 Speaker 2: want less government, we want reduced spending, we want lower taxes. 144 00:07:19,240 --> 00:07:20,920 Speaker 2: So that was their platform. They ran on it in 145 00:07:20,920 --> 00:07:22,840 Speaker 2: twenty twenty four. They won the Senate and the House 146 00:07:22,840 --> 00:07:25,440 Speaker 2: and the presidency. And what did they do. They spent 147 00:07:25,600 --> 00:07:28,080 Speaker 2: all of their political capital on the Big Beautiful Bill, 148 00:07:28,120 --> 00:07:31,280 Speaker 2: which does nothing but put trillions more dollars as part 149 00:07:31,320 --> 00:07:34,840 Speaker 2: of the national debt. This is the problem. Donald Trump's 150 00:07:34,880 --> 00:07:36,720 Speaker 2: been in office for a year now, and what Senator 151 00:07:36,800 --> 00:07:40,520 Speaker 2: Kennedy just laid out is exactly right. And then the 152 00:07:40,640 --> 00:07:42,640 Speaker 2: last part was the most damning part of all of it. 153 00:07:42,920 --> 00:07:47,360 Speaker 2: We're not doing that. And if the Republicans can't do something, 154 00:07:47,720 --> 00:07:50,240 Speaker 2: even if it's really not the most effective thing in 155 00:07:50,280 --> 00:07:52,200 Speaker 2: the world, they're not even doing things where they can 156 00:07:52,240 --> 00:07:54,560 Speaker 2: go out and tell the story about how they're making 157 00:07:54,600 --> 00:07:57,680 Speaker 2: life more affordable for everyday Americans right now. That is 158 00:07:58,200 --> 00:08:01,000 Speaker 2: going to be a massive problem. We're sitting here ten 159 00:08:01,040 --> 00:08:04,600 Speaker 2: months away from the midterm elections in November twenty twenty six. 160 00:08:04,800 --> 00:08:08,400 Speaker 2: They've got ten months to do something anything to show 161 00:08:08,480 --> 00:08:12,800 Speaker 2: us that they care about affordability for average, everyday Americans 162 00:08:12,800 --> 00:08:14,640 Speaker 2: in this country right now. And it's those people that 163 00:08:14,640 --> 00:08:17,360 Speaker 2: are stuck in the middle that are really suffering the most. Look, 164 00:08:17,360 --> 00:08:20,280 Speaker 2: if you're poor, and I mean truly truly poor, there 165 00:08:20,280 --> 00:08:22,720 Speaker 2: are so many government programs out there for you. You can 166 00:08:22,760 --> 00:08:25,720 Speaker 2: get housing subsidized and your food subsidized. Through Snap, you 167 00:08:25,760 --> 00:08:28,800 Speaker 2: can get you know, subsidies to pay your electric bills 168 00:08:28,800 --> 00:08:31,960 Speaker 2: and your childcare and your health insurance and all of that. No, 169 00:08:32,080 --> 00:08:34,320 Speaker 2: it's those people out there, It's that family of four 170 00:08:34,600 --> 00:08:37,480 Speaker 2: with a household income of forty to fifty thousand dollars 171 00:08:37,480 --> 00:08:40,120 Speaker 2: maybe a little bit more, that make too much money 172 00:08:40,160 --> 00:08:42,960 Speaker 2: to qualify for any of those subsidies, but not enough 173 00:08:42,960 --> 00:08:45,680 Speaker 2: to make it, but not enough to live their everyday lives. 174 00:08:45,679 --> 00:08:48,560 Speaker 2: And they're getting crushed by property taxes, they're getting crushed 175 00:08:48,559 --> 00:08:52,480 Speaker 2: by rent and housing affordabilits. They're getting crushed by utility bills. 176 00:08:52,520 --> 00:08:54,480 Speaker 2: And that's the one that's more Probably one of the 177 00:08:54,480 --> 00:08:57,040 Speaker 2: most frustrating about this is the utility bills, because we 178 00:08:57,080 --> 00:09:00,000 Speaker 2: saw this coming. We saw an increase in utility bills. 179 00:09:00,080 --> 00:09:01,720 Speaker 2: Bill's coming, and you've been talking about it on the 180 00:09:01,720 --> 00:09:04,200 Speaker 2: show for years. This is coming. These data centers are 181 00:09:04,280 --> 00:09:07,800 Speaker 2: drawing too much power. We're not building enough capacity to 182 00:09:08,280 --> 00:09:11,160 Speaker 2: create more power. It is simple supply and demand, which 183 00:09:11,160 --> 00:09:15,040 Speaker 2: has been the bedrock of capitalism for centuries. Supply and demand. 184 00:09:15,320 --> 00:09:18,400 Speaker 2: All of a sudden, the demand for utilities is going 185 00:09:18,480 --> 00:09:21,559 Speaker 2: dramatically higher, and the supply is not increasing at all. 186 00:09:21,600 --> 00:09:24,200 Speaker 2: These utility bill prices that are coming, we saw the 187 00:09:24,240 --> 00:09:27,240 Speaker 2: stories about them in northern Indiana. They're coming for the 188 00:09:27,240 --> 00:09:28,520 Speaker 2: rest of us in pretty darn quick